Quarterly report pursuant to Section 13 or 15(d)

Related Party Transactions

v3.23.1
Related Party Transactions
 9 Months Ended
Feb. 28, 2023
Related Party Transactions [Abstract]  
Related Party Transactions Disclosure [Text Block]

Note 19 – Related Party Transactions

 

As of February 28, 2023 and May 31, 2022, the Company had accrued salary due to Michael Abrams, a former officer of the Company prior to his September 1, 2015 termination, in the amount of $16,250.

 

On August 17, 2022, the Company granted 50,000 shares of restricted common stock to Charlene Soco, an officer of the Company, effective February 4, 2022. The shares were fully vested, and the restrictions removed, on December 31, 2022

 

During the three months ended February 28, 2023, the Company made payments of $5,000 to each of its three directors for their participation on the Board, for a total of $15,000. During the nine months ended February 28, 2023, the Company made payments of $10,000 to each of its three directors for their participation on the Board, for a total of $30,000.

 

As of May, 2019 the Company entered into a monthly retainer arrangement with a company called The Workshop LLC located in Miami Florida. The Workshop LLC provided services related to marketing and advertising for the Company and its subsidiaries, including design work for marketing materials. The Workshop LLC is owned by Jordan Binder, the son of the former CEO of the Company, Jeff Binder. Jeff Binder resigned as CEO effective August 23rd, 2022 after serving seven years in that position. As of December 31, 2022 the retainer agreement between The Workshop LLC and the Company was ended.